The UK Treasury announces the payment services modernization plan, which will promote asset tokenization and AI payment regulation

ME News Report, April 21 (UTC+8), the UK Treasury and Economic Secretary Lucy Rigby announced during London Fintech Week a series of measures aimed at modernizing payment service regulation and enhancing the UK’s fintech competitiveness. The core of the plan includes establishing a unified regulatory framework, integrating traditional payments with tokenized payments (covering stablecoins and tokenized deposits), and legislating stablecoin payments to reduce administrative burdens on related companies. Additionally, the UK government appointed Chris Woolard as the Wholesale Digital Markets Champion, responsible for promoting the tokenization of financial assets and wholesale digital market strategies. The plan will also explore regulatory adjustments for AI agent payments and grant the Financial Conduct Authority (FCA) new powers to oversee the future development of Open Banking. Other measures include allocating an additional £1 million to the Centre for Finance, Innovation and Technology (CFIT), and planning to incorporate the Payment Systems Regulator (PSR) into the FCA to streamline regulatory processes. (Source: Foresight News)